Following the social media storm throughout the long weekend after the death of an associate at a major US bank in New York City, the cause of death of the individual has been reported.
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Reuters reports that the associate, who died on Thursday, suffered an “acute coronary artery thrombus,” in which a clot is formed inside a blood vessel of the heart. The New York Office of the Chief Medical Examiner said he died of natural causes.
The death of the associate, who was part of the Financial Institutions Group (FIG) team has caused outrage among junior bankers globally. The young banker is said to have worked multiple weeks of over 100 hours and to have had a wife and young child.
On forum website Wall Street Oasis, one banker purporting to be from the associate’s employer suggested that colleagues go on strike to demand that senior bankers in the team be fired, that hours be capped at 100 a week, that no junior should work more than 80 hours a week on average on a monthly basis and that all juniors should get at least one weekend off a month. However, it’s not clear that this individual works for the bank concerned.
In a comment to Reuters, the bank said: “Our focus is on doing whatever we can to support the family and our team, who are devastated.”
Separately, CNBC reports that family offices are hiring and paying more than before. Junior analysts at family offices have reportedly been demanding $300k salaries and as family offices compete with banks and private equity and hedge funds for staff, they’re adding long-term incentive plans, such as deferred compensation, on top of base salaries and bonuses .
“If you look back 15 years ago, family offices were where people went to retire and have work-life balance,” says one family office recruiter. “That’s all changed. Now they’re bringing in top talent and paying their people, and that’s pushing them into competition with the big firms and the banks.”
Meanwhile…
BlueCrest, Mike Platt’s “secretive family office” is in late stage talks to add 30 new portfolio managers. It now has 170 pods, up from 150 last year. It’s diversifying into areas like commodities. (Financial Times)
JPMorgan cuts investment seven banking jobs in Asia. (Bloomberg)
HSBC is removing the bonus cap. (sky)
It’s not easy working with Mark Tucker, the former professional footballer and chairman of HSBC. Colleagues say: “People are really loyal to him,” but that he’s also “ruthless” and that “It’s like you’re playing chess with him, he’s constantly thinking many steps ahead of you.” (Financial Times)
Ping An Insurance Group Co., HSBC’s biggest shareholder, voted against the reappointment of Noel Quinn. (Bloomberg)
Macquarie wants to grow its commodities business in Asia and Europe. (Bloomberg)
BNP Paribas is considering cutting 150 jobs in Geneva, where it employs 1,000 people. (Bloomberg)
Santander has hired 40 private bankers to work with high-net-worth and ultra-wealthy clients in Europe and Latin America. (Bloomberg)
Deutsche Bank plans to double the assets it manages for rich families in Southeast Asia and the Middle East over the next five years. (Bloomberg)
Bank of America is still adding to its fixed income sales and trading team. It hired Amit Jain, who traded both par and distressed loans at Goldman Sachs. He’s joining the special situations and distressed trading team as a director in Europe. (Bloomberg)
Crystal Zhu, JPMorgan’s head of China telecommunications, media and technology investment banking, has gone to Morgan Stanley. (Bloomberg)
David Solomon is poor compared to the Goldman CEOs and partners who benefited from Goldman’s IPOs. His shares of him are worth $66m. Hank Paulson’s shares were worth $219m at the IPO price and Goldman’s shares have increased eightfold since then. (Financial Times)
Cocaine is so prevalent in the water supply that it is present in Suffolk wild shrimp. (Guardian)
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